Currency Pair: GBP.JPY
Time Frame: Daily, 4hr, 1hr & 5min
Predicted Direction: Short
GBP.JPY updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
150.000 holding as strong resistance & the 50 fibonacci retracement zone where sellers stepped back in to push price down. I will now be watching for a break of the nearby support & counter trendline for entry. 147.500 is the decision point price will need to break for further downside..
hello all in this analysis i have chosen to use rsi pivot monthly pivot levels, fibonacci retracement for entry and fib extensions for tp. as we can see rsi isnt overbought but we had a clear rejection of the 50 fib on friday. the whole box is the 50-618 level. we will look for price to continue down to monthly s1 or s2 where the extension levels line up nicely. ...
Hey guys,
I am opening a new idea about GBPJPY so that you can zoom out on the multi-timeframe charts. As you know I am seller of this pair at the moment.
I will wait a pullback and will sell it.
I will target 147.700 but it could potentially go lower.
Happy trading
Jesse
GBPJPY is testing major resistance at 149.86 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to major support at 147.14 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 94% where a corresponding reaction could ...
GBPJPY is testing major resistance at 149.86 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to major support at 147.14 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.
GBPJPY is right on major resistance and is setting up nicely for a plunge from here.
Sell below 149.86. Stop loss at 150.76. Take profit at 147.14.
Reason for the trading strategy (technically):
Price is seeing major resistance below 149.86 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong drop from here could push prices ...
Looking at the historical charts of British pound (since 1953) I noticed that it formed quite a fine complex head and shoulders with double top and multiple shoulders. This pattern is described in detail by Thomas Bulkowski in the Encyclopedia of Chart Patterns. The performance of this pattern in bear market is 8 out of 21. The breakout from neckline occurred in ...
GBPJPY is testing major resistance at 149.18 (Fibonacci retracement, bearish divergence, horizontal overlap resistance) and a strong drop could occur at this level to push price all the way down to major support at 147.50 (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
Stochastic (89,5,3) is also seeing major resistance below 96% where ...
GBPJPY is approaching resistance at 149.20 (100% Fibonacci extension, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) where it could potentially react off, causing price to fall to its support at 147.16 (horizontal swing low support). We do have to be cautious of the intermediate support at 147.62 (76.4% Fibonacci retracement, horizontal swing low ...
